November 30, 2020

Govt notifies National Startup Advisory Council, Commerce Minister to chair

New Delhi: The government on Tuesday notified the structure of the National Startup Advisory Council. To be chaired by commerce and industry minister, the council will suggest measures to foster a culture of innovation amongst citizens and students in particular, promote innovation in all sectors of economy across the country, support creative and innovative ideas through incubation and create an environment of absorption of innovation in industry.

The council is being set up in the wake of a plethora of regulatory changes covering startups in the works to reduce time spent on tax compliance by them to less than one hour a month along with easier incorporation processes and boosting the availability of global and domestic capital.

The council will also suggest measures to “promote ease of access to capital for startups, incentivize domestic capital for investments into startups, mobilize global capital for investments in Indian startups, keep control of startups with original promoters and provide access to global markets for Indian startups”, the commerce and industry ministry said in a release on Tuesday.

India ranks 136 on ‘starting a business’ in the World Bank’s ease of doing business table against an overall rank of 63. Some of the measures in the works are also expected to tackle this.

The council will facilitate public organizations to assimilate innovation with a view to improving public service delivery, promote creation, protection and commercialization of intellectual property rights, make it easier to start, operate, grow and exit businesses by reducing regulatory compliances and costs.

“The individual names will be notified later,” the ministry said, adding that the non-official members will be nominated by the centre whose term would be for a period of two years.

It will have members from various categories like founders of successful startups, veterans who have grown and scaled companies in India, persons capable of representing interests of investors into startups, persons capable of representing interests of incubators and accelerators and representatives of associations of stakeholders of startups and representatives of industry associations.

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